Social Institute mortgage loans have been the protagonists of important updates in recent years. The social security institution has announced the new Social Institute 2019 mortgage rates, but what are they, are they affordable rates and what are the other peculiarities of the repayment?
What changes with the application of the new mortgage rate
The updates relating to the new Social Institute 2019 mortgage rates represented an important change in the repayment conditions. The main protagonist was the fixed interest rate. Why? Social Institute has adopted the LTV system.
With the application of the loan to value, the value of the loan was linked to that of the house that is the subject of the loan. But what are the badgers? Here they are reported in a summary table that takes into account the percentages of intervention.
The fixed rate does not meet the needs of all users. For this reason, the social security institution allows members of the Unified Management of credit and social services to choose the variable rate mortgage.
This second perspective provides for a rate calculated on the basis of the 6-month installment, calculated over 360 days, increased by 200 basis points.
To understand what concretely involve the new Social Institute mortgage rates, you can use the online calculation. It is an online service presented by the Institute, in this guide you will find out how to simulate the repayment plan.
The online calculation operation can be performed without having to perform any login phase.
The other conditions of the repayment plan
The interest rate is not the only determining factor for the borrower. First of all, the group of beneficiaries of funding must be considered. The application can be sent by the members of the Unified Management of Credit and Social Benefits.
Permanent employees and pensioners are involved. As for the sums, the maximum limits change in relation to the purpose. The highest amount that can be granted is equal to 300 thousand USD, but concerns only the purchase or construction of the first house.
The application must be sent online using the functions of the social security institution’s web portal.